Banking

BLOOMBERG The largest US banks are about to reveal how they fared as customer deposits came under siege in the first quarter. Deposits at JPMorgan Chase & Co, Wells Fargo & Co and Bank of America Corp are expected to have tumbled $521 billion from a year earlier, the biggest drop in a decade, according to analysts’ estimates. The decline ...

BLOOMBERG The Bank of Korea (BOK) kept its benchmark interest rate unchanged and said it intends to keep policy restrictive to combat inflation even with the economy set to slow more than previously expected this year. The central bank held its seven-day repurchase rate at 3.5%, as forecast by economists. Unlike in February, the latest decision was unanimous, an outcome ...

BLOOMBERG Toronto-Dominion (TD) Bank may seek a lower price for First Horizon Corp, but it still has an incentive to close the deal, according to a Canadian asset manager who specialises in financial stocks. “The reasons they wanted to buy in the first place haven’t gone away. Tennessee and Florida and the Carolinas are still great banking markets,” Robert Wessel, managing ...

BLOOMBERG  Bitcoin climbed above $30,000 for the first time since June 2022, bolstered by bets on easier monetary policies that have made cryptocurrencies standout performers this year. Bitcoin is now up 82% since December 31, 2022, handily beating the Nasdaq 100 tech index’s 19% gain. Gold, another investor favourite this year, has climbed 9.6%. Crypto’s rapid ascent has seen Bitcoin ...

BLOOMBERG  The Bank of Korea (BOK) kept its benchmark interest rate unchanged and said it intends to keep policy restrictive to combat inflation even with the economy set to slow more than previously expected this year. The central bank held its seven-day repurchase rate at 3.5%, as forecast by economists. Unlike in February, the latest decision was unanimous, an outcome ...

BLOOMBERG Some smaller Chinese lenders cut interest rates for time deposits over the weekend, following a similar move by their larger rivals last year, after several lending rate reductions by policy makers started to squeeze their margins. Rural lenders in provinces including Henan and Hubei lowered deposit rates by as much as 45 basis points on some tenors, according to ...

BLOOMBERG BNP Paribas SA raised the bonus pool for its top investment bankers last year after the employees’ unit posted revenue gains on increased market volatility. The variable compensation pool for what it calls “material risk takers” at its investment banking operation rose 14% to €504.3 million ($550 million), according to a filing. Since the number of such bankers slightly ...

BLOOMBERG Kazuo Ueda took over the reins at the Bank of Japan (BOJ), replacing Haruhiko Kuroda, whose decade-long aggressive easing efforts made the central bank capable of jolting global financial markets with just a small tweak to its policy. Ueda began his five-year term, inheriting a monetary stimulus program from Kuroda after $11.7 trillion was spent in the pursuit of ...

BLOOMBERG US bank lending contracted by the most on record in the last two weeks of March, indicating a tightening of credit conditions in the wake of several high-profile bank collapses that risks damaging the economy. Commercial bank lending dropped nearly $105 billion in the two weeks ended on March 29, the most in Federal Reserve data back to 1973. ...

BLOOMBERG Mastercard Inc wants the plastic in consumers’ wallets to do less damage to the environment. Starting in 2028, the company will require all banks issuing one of its payment cards to use sustainable materials as it seeks to remove first–use, PVC plastics from its network, according to a statement. Acceptable alternatives include recycled or bio-sourced plastics. The move comes ...